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Vehicle Excise Duty Changes Are Coming In 2020 For ALL New Cars – And It Could Cost Brits £500 Extra

Philip Hammond effectively ended austerity today with a £25billion Budget splurge that abolished stamp duty for most first time buyers and pumped £3billion into preparing for Brexit.

The Chancellor ditched his 'Spreadsheet Phil' reputation for tight money management as he fought to save his job - turning on the spending taps to meet a bewildering array of challenges.

Despite the OBR fiscal watchdog wiping billions of pounds off the government's books by slashing growth forecasts, Mr Hammond ploughed £2.8billion more into the NHS, £1.5billion into heading off anger about the new Universal Credit rollout, and paved the way for significant public sector pay rises.

But the most radical move came as he did away with stamp duty on properties worth up to £300,000 in a bold appeal to Millennial voters.

Homes worth up to half a million pounds in 'high value' areas will also be covered - meaning buyers will only face charges on the £200,000 difference.

In total around a million first-time buyers are expected to benefit over the next five years, 95 per cent of the total.